Japanese Yen Trading On A Weaker Footing This Morning
GCI Financial | Mar 30, 2015 01:30AM ET
On Friday, the USD traded marginally lower against the JPY and closed at 119.18.
In the Asian session, at GMT0300, the pair is trading at 119.22, with the USD trading a tad higher from Friday’s close.
Early morning data showed that preliminary industrial production in Japan fell 3.4% MoM in February, compared to previous month’s solid rise of 3.7%, while markets were expecting it to contract 1.9%.
Over the weekend, the BoJ Governor, Haruhiko Kuroda stated that consumer prices in Japan would remain low in the first half of 2015 and would start rising from early autumn.
The pair is expected to find support at 118.93, and a fall through could take it to the next support level of 118.64. The pair is expected to find its first resistance at 119.50, and a rise through could take it to the next resistance level of 119.79.
Amid no economic releases in Japan today, investors would monitor the nation’s housing starts data, scheduled tomorrow.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.
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